ThorFx Review for 2024 - Is it a Scam?
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Last Updated: January 5, 2023
ThorFx Review
Cost:
From $99
Instruments:
Forex, Crypto, Commodities, Stocks & Indices
Evaluations:
2-stage evaluation
Profit Share:
80%
Days to Funding:
10
Leverage:
1:100
Platforms:
MT4, MT5
Highlights:
24/7 support, training resources, price
ThorFX brokerage provides competitive access to many markets, its core concept and freshness are what truly sets it apart from other industry competitors. ThorFX, as the name implies, channels Norse folklore and comic books into modern trading. Our team has reviewed the platform. We have outlined the features, pros, and cons of ThorFX and what traders can expect to find beneath the quirky concept.
What is ThorFX?
ThorFX, a multi-asset brokerage, offers CFD trading across stocks, commodities, forex, and cryptos. The derivative trading format allows users to trade long or short without owning the underlying asset. Users can also use leverage to increase their market exposure, even with small investments. This makes it an open platform that accepts all levels of trading experience and strategic focus.
Technically, the brokerage is based on a non-dealing desk ECN model. This means it aggregates global liquidity providers to offer traders more direct, transparent, and competitive order execution. Although banks or non-bank liquidity providers don't currently regulate the platform, it should provide some assurance to traders looking for reliable brokerage services. ThorFX provides Contracts For Difference (CFD), trading in currencies, indices, and commodities. They are not regulated.
ThorFX's platform is built using cutting-edge technology so traders can expect instant order execution. In addition, the network's low latency design improves performance on all connections, mobile and fixed.
They put in a lot of effort to stay at the top of their fields. As a result, you'll find everything you need, whether advanced charting tools that aid you in making decisions or automated tools that help you take advantage of trading opportunities. They provide the perfect set of tools for managing to trade.
ThorFX offers extremely fast deposits. Their goal is to make it easier to add funds to your account. You have instant access and the lowest transaction fees when you fund your account with a cryptocurrency, credit card, or debit card. You can fund your account with cryptocurrencies using Bitcoin (BTC), Litecoin(LTC), Tether ($USDT), Ripple [XRP], Dogecoin ("DOGE"), and Ethereum (ETH) via the ThorFX platform.
ThorFX's pricing tool is integrated with liquidity providers to give you an advantage in the market. They can provide multi-asset liquidity at competitive rates thanks to their cutting-edge technology.
Investor Protection & Regulations
ThorFX, as mentioned above, is not officially regulated. Although this may change over time, ThorFX is an offshore entity based out of St. Vincent and Grenadines. Non-regulated brokers can pose a risk to traders and leave them without legal protection. Traders should only dismiss platforms with the official seal of approval. Often, these brokerages maintain high internal standards and use modern technology to ensure security. ThorFX keeps customer and company funds separate so that user capital is not endangered in the event of company default.
ThorFX Review
ThorFX offers a multi-asset trading platform. Clients can access a variety of marketplaces with ease and affordability through the brokerage. The Funded Account Challenge is a new program that has just been launched. This review will explain ThorFX's funding options and restrictions. It also explains how to trade assets.
There are many funding options
ThorFX registration is easy. The "Sign up" button will take you to the registration page. Enter your name, email address, and password. Once you are done, you will need to verify your email. If you find the fund you are looking for, click Funded Account in the menu at the top. To get funding up to $200,000, you must prove your trading skills and pass a 2-part challenge.
ThorFx Pricing and Fees
| Funding Amount | $10K | $25K | $50K | $100K | $200K |
|---|---|---|---|---|---|
| Minimum Trading Days | 10 | 10 | 10 | 10 | 10 |
| Max Daily Loss (5%) | $500 | $1,250 | $2,500 | $5,000 | $10,000 |
| Max Overall Loss (15%) | $1,500 | $3,750 | $7,500 | $15,000 | $30,000 |
| Available Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Registration Fee | $99 | $220 | $359 | $599 | $999 |
Once your account is set up, you must deposit money. You can fund your trading account with as little as $10 cryptocurrency. Once you have done this, you can start trading with real accounts and gain access to all their trading platforms and global markets. You can also buy a funded account challenge. Here's a list of fees:
- Account size: $10,000 - Refundable Registration Fee: $99
- Account size: $25,000 - Refundable Registration Fee: $220
- Account size: $50,000 - Refundable Registration Fee: $359
- Account size: $100,000 - Refundable Registration Fee: $599
- Account size: $200,000 - Refundable Registration Fee: $999
Your challenge fee will be refunded once you have completed and passed the challenge.
Tradable Assets
ThorFX allows you to trade over 145 assets. Trade Forex, Crypto, Commodities, and Stocks & Indices.
Restrictions
ThorFX does not have many restrictions. This is the list of things you should know before you become a funded trader.
- MetaTrader 4 is the chosen trading platform.
- You can trade any instrument or pair on MetaTrader if it is available.
- Trading Strategies, Expert advisors, and any other automated trading software are allowed.
- 1:00 leverage is available
- Swap costs apply to trades made over the weekend and during the week.
- Trades are allowed during major news events.
- Min lot is 0.01
ThorFx Challenge
Before trading with real money in ThorFX-funded accounts, you must pass the two-part assessment. For their assessments, they use a system called "Tier."
ThorFx Stage 1: Evaluation
Objectives:
- 10% Profit in 30 Days
- Trades must be completed within ten days
- Daily Loss/Drawdown (equity), 5%
- Maximum Total Loss: 15%
Consistency Rule: Your best day of trading should not exceed 30% of your overall profit goal.
To pass Tier 1 of the exam, you must make a profit of 10% within 30 days. In addition, you must have traded for at most ten days during this period. Each day, the drawdown is 5%. The entire portfolio drawdown is 15%.
Before proceeding to the final phase, you must pass the Trade Expert Team's assessment of your trading style and reliability. These are some things that could help you improve your chances of success:
- For all open positions, maintain a constant size.
- Each deal must have a consistent and reasonable scale.
- Find out what percentage of total positions were held before, during, or after significant market closings.
- You can make a substantial profit every day. A trading day should not account for more than 30% of total earnings.
- The capital was used to determine the sizes of the lots. These variables include the time and place of trade, the item being traded, as well as the state of the market.
- Safety measures like taking profits or stopping losses are important.
The Challenge Accounts page contains the following assessment criteria, which you can use to track your trading performance.
ThorFx Stage 2: Verification
Objectives:
- Profit of 8% in 60 Days
- Trades must be completed within ten days
- Maximum Daily Loss/Drawdown (equity), 5%
- Maximum Total Loss: 15%
Consistency Rule: Your best day of trading should not exceed 30% of your overall profit goal.
After you have completed Tier 1, you will move to Tier 2. This is the verification phase. This part of the verification process gives you a longer period of 60 days to reach the profit objective of 8%. You must trade for a minimum of 10 trading days. Tier 2 follows the same drawdown structure as Tier 1. It is 5% per day and 15% in total.
Remember that consistency rules have a consistency rule. For example, you can only stop trading if your most profitable day is 30% or more of your total earnings. This is because they must verify your trade skills, which is exactly how they do it. This shows that you are not a lucky trader but one who generates regular profits and manages risk effectively.
After you become a funded trader at ThorFX, you can start trading real money once you are certified. You will receive a weekly payout and a profit split equal to 80/20. In addition, your challenge fee will be refunded.
ThorFx Final Verdict
ThorFX is a legal proprietary trading company that allows traders to select from different account sizes. Two-step, industry-standard evaluation programs require that you complete two steps before being funded. You will also be eligible for profit splits. ThorFX requires traders to reach 10% profit targets in each step before being funded.
These are real trading goals considering that you have a maximum daily loss of 5% and a maximum daily gain of 15%. You can make 80% profit splits with evaluation programs. There is currently no scaling plan.
To anyone looking for a simple trading system, I recommend ThorFX. Although they are still relatively young, they provide excellent trading conditions and a large pool of traders. They have the potential to be one of the best proprietary trading firms if they take into account all that ThorFX has to provide.
ThorFx Reviews and Online Profiles
ThorFx on Instagram
ThorFx Instagram account is currently at 2,218 followers and 285 posts in total. The company seems to be posting a lot of cool graphical images that display motivational quotes or tips and tricks to engage with their traders.
The engagement on ThorFx Instagram account is minimal. A lot of times we see engagement be very low when companies broadcast the same posts across multiple channels. The date of the first post that ThorFx made is June 7, 2020.
ThorFx on Facebook
ThorFx Facebook account is pretty active in terms of the amount of posts that the prop firm shares. However, after comparing the activity with Instagram, it seems like the two are connected and are reposting the same thing.
At the time of this writing, ThorFx had 303 likes and 315 followers on their FB page. There are two individuals that have recommended ThorFx on Facebook, however no ratings seem to be present due to the low amount of reviewers (4 in total).
ThorFx on Twitter
Twitter seems to be the platform that ThorFx prop firm focused on the most. The company has Tweeted 660 times at the time of this writing. However, even with this many tweets, they only have 803 followers.
Twitter seems to be a good way to get in touch with the company and get the latest communication from ThorFx. The things that the prop firm posts on Facebook and Instagram are on their Twitter as well, however, you get even more information.
See more of The Best Funded Trader Programs for 2023
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